Phillips 66 $PSX Shares Sold by Geneos Wealth Management Inc.

Geneos Wealth Management Inc. cut its holdings in Phillips 66 (NYSE:PSX) by 13.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,367 shares of the oil and gas company’s stock after selling 2,866 shares during the quarter. Geneos Wealth Management Inc.’s holdings in Phillips 66 were worth $3,346,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PSX. Vanguard Group Inc. grew its holdings in Phillips 66 by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company’s stock valued at $6,701,052,000 after buying an additional 205,480 shares during the last quarter. State Street Corp raised its holdings in shares of Phillips 66 by 0.8% in the fourth quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock worth $3,043,996,000 after acquiring an additional 175,616 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Phillips 66 by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock worth $1,338,596,000 after acquiring an additional 45,340 shares during the last quarter. Norges Bank purchased a new stake in shares of Phillips 66 in the fourth quarter valued at $640,206,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Phillips 66 by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,944,561 shares of the oil and gas company’s stock valued at $509,006,000 after acquiring an additional 89,621 shares during the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Wall Street Zen downgraded shares of Phillips 66 from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Raymond James Financial raised their price target on shares of Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a research note on Monday. Wells Fargo & Company lifted their price target on shares of Phillips 66 from $163.00 to $201.00 and gave the stock an “overweight” rating in a report on Tuesday, March 31st. Piper Sandler boosted their price objective on shares of Phillips 66 from $168.00 to $177.00 and gave the company a “neutral” rating in a research report on Wednesday, April 8th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $196.06.

Phillips 66 Stock Performance

NYSE PSX opened at $206.96 on Friday. The business’s 50-day moving average price is $179.03 and its 200 day moving average price is $165.49. Phillips 66 has a twelve month low of $118.07 and a twelve month high of $207.14. The company has a market capitalization of $82.97 billion, a PE ratio of 20.39, a price-to-earnings-growth ratio of 0.26 and a beta of 0.69. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating the consensus estimate of ($0.54) by $1.03. The company had revenue of $32.54 billion during the quarter, compared to analysts’ expectations of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The firm’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.90) EPS. On average, research analysts predict that Phillips 66 will post 19.84 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be given a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.5%. Phillips 66’s dividend payout ratio (DPR) is currently 50.05%.

Insider Activity at Phillips 66

In related news, Director Kevin Omar Meyers bought 175 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the acquisition, the director owned 16,799 shares in the company, valued at $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kevin J. Mitchell sold 11,021 shares of the company’s stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $18,504,361.28. This trade represents a 10.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 41,021 shares of company stock worth $7,195,257 over the last three months. Corporate insiders own 0.40% of the company’s stock.

Phillips 66 Profile

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.